Warsaw based X Trade Brokers Dom Maklerski SA (WSE:XTB), which operates Retail Forex broker XTB.com as well as the X Open Hub trading platform, has indicated in regulatory filings that the company will not be paying out a dividend from its first half 2017 net earnings of zl 24.5 million (USD $6.9 million).
Instead, XTB’s board plans to keep the money in the company as Reserve Capital.
XTB’s board stated that as a result of the recommended actions, the capital base of XTB will increase as will the company’s capital ratios, which in the opinion of the board will facilitate the implementation of the company’s strategy – in particular in terms of expanding its business to new markets and the development of the institutional segment of the market.
XTB is dealing with allegations raised by Polish authorities that it defrauded clients by implementing asymmetric slippage in its trading system, which led to a 40% collapse in XTB shares earlier this month, although the shares have somewhat recovered over the past two weeks.